Goldman Sachs took the crown among Wall Street firms in the third quarter of the year. Then again, of course it did. A surge in dealmaking played into the hands of the financial sector’s primo consigliere. But look at the bigger picture, and the investment banking windfall that characterized the last several months could be a liability, even if it was fairly won.
, all of the big five firms made more in the first nine months of 2021 than they did all of last year.
Those gains have come fair and square. But they’re still problematic for the industry overall because banks aren’t doing as much of the thing they’re designed for: lending. True, they say they’d like to. The Federal Reserve’s latest survey of loan officers says banks are actually making it easier for companies and consumers to borrow.
Goldman, as a newcomer to main-street lending, has less to prove than its bigger rivals. Likewise, Morgan Stanley is pushing further into “financial wellness,” something regulators ought to welcome. Still, the Covid-19 windfall is likely to lead to more questions about who the banking system is really geared up to benefit. Bigger profit makes for bigger targets.- Goldman Sachs on Oct. 15 reported third-quarter revenue of $13.
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